Businesses lost £83.3m through APP fraud in 2023, the highest amount since the pandemic. From 2022 there was an 8% increase in the total amount stolen, with the amount recovered falling by 2% to £30.8m.

In 2020 there was £73.3m stolen from businesses through APP fraud, with £27.4m recovered. By 2022, £77m was stolen through this method with £31.5m repaid to businesses.

Authorised push payment fraud is when the victim is tricked into sending money to a fraudster's account. This can be done by 'malicious redirection', such as a fraudter impersonating a staff member from a bank to transfer money across, a member of staff from a financial services company. Scammers may pose as a legitimate business or individual who is known to you, typically via email, to inform you that their bank account details have changed and to make a payment to the new account.The money is then transferred to an account out of the country, then withdrawn in cash.